THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
FINANCIAL REPORTING WORKSHOP FOR COUNTY GOVERNMENTS AND PUBLIC-SECTOR ENTITIES
DATE: 18th – 19th October 2017,
VENUE: Laico Regency Hotel
TIME: 8am to 5pm
Theme: “Towards Excellence in Financial Reporting and Management for County Governments And Public Sector Entities”
Overview of the workshop
This workshop examines the most important presentation and disclosure requirements for preparers of IPSAS accruals based financial reports. This is in addition to describing the principal presentation and disclosure requirements of financial statements prepared under IPSAS. It will provide an overview of the most important requirements for preparing financial statements and disclosures under accrual basis IPSASs and cash based IPSAS. IPSAS compliance demands full adherence with all the applicable standards. In order to be in compliance, an organization must faithfully represent transactions, events, and conditions in accordance with the requirements set out in IPSAS.
Why is the workshop beneficial to you?
- You will be able to understand the differences between mandatory Standards and non-mandatory Guidelines and which types of entities and financial reports which they apply to.
- Achieve greater harmony within the entity’s reporting and financial statements as a way to encourage and enhance organizational goals.
- Improve overall management and planning via the application of more precise estimates of income and expenditure and effective usage of assets and liabilities
- Gain understanding of what IPSAS requirements and best practices relating to presentation and disclosures.
- Appreciate the most important issues to consider when presenting disclosures information.
Objectives
At the end of the workshop covered, participants should be able to:
- understand the theoretical framework and principles of financial reporting for public sector entities
- explain and contrast the differences in external reporting on a cash and accruals basis
- determine the disclosure of specific assets and liabilities in accordance with the IPSAS
- discuss the process of consolidation for public sector financial reports and evaluate the usefulness of the reports produced
- discuss the importance of public sector governance and relationship to financial accountability while explaining the role of financial reports in governance
The workshop will address the following topics:
| Standard | Content to be covered |
| Presentation of financial statements
|
To set out the manner in which general-purpose financial statements shall be prepared under the accrual basis of accounting, including guidance for their structure and the minimum requirements for content. |
| Provisions, contingent liabilities and contingent assets
|
· Definition of a provision
· Main categories of provisions · Recognition – concept of present legal or constructive (non-legal) and measurement of provision · Case study · Key disclosure requirements · Discussion on practical implementation challenges (environmental provisions, etc.) |
| Employee benefits | · Scope and classification of employee benefits
· Recognition and measurement of short-term, long-term, post-employment and termination employee benefits · Defined contribution versus defined benefit pension plans · Discussion on practical implementation challenges (discount rate, actuarial assumptions, etc.) |
| Property, plant and equipment. | · Recognition of PP&E – elements to be included in the acquisition cost, use of materiality thresholds, borrowing costs, self-constructed assets
· Initial measurement and measurement subsequent to recognition – cost model versus revaluation model · Depreciation, applying the components approach |
1.0 Target Audience:
Accountants, Chief Finance Officers, County Directors of Finance, Public sector accountants & auditors, County Heads of Internal Audit, Academia, IPSAS experts.
2.0 Online Booking
Kindly note that booking for the Financial Reporting Workshop for County Governments and Public Sector Entities is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone based application that is available from google store. Delegates are urged to note that the bookings close on 17th October 2017 at 1700 hrs
3.0 Financial Reporting Workshop for County Governments and Public Sector Entities Workshop Charges:
The Charges for Financial Reporting Workshop for County Governments and Public Sector Entities which cover workshop materials, meals, and e-certificates of attendance is as provided under;
| Category | Early Bird Registration
Booked & Paid for before 10th October 2017 |
Normal Registration
Booking & Payments or LPOs / LSOs received after 10th October 2017 |
| Associate Members | 9,950 | 10,950 |
| Members | 13,950 | 14,950 |
| Non Members | 23,950 | 24,950 |
| International Delegates | USD. 340 | USD. 350 |
4.0 Continuous Professional Development Units – 14
Members of ICPAK and other reciprocating professional bodies will earn 14 CPD points upon successfully attending Financial Reporting Workshop for County Governments and Public Sector Entities
5.0 National Industrial Training Authority (NITA) Reimbursement
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke).
6.0 Sponsorship Opportunities & additional information
Financial Reporting Workshop for County Governments and Public Sector Entities attracts over 200 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring the event can reach us through raphael.nguli@icpak.com
Further requests for Financial Reporting Workshop for County Governments and Public Sector Entities can be channelled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to emma.opiyo@icpak.com . We encourage to regularly visit our website www.icpak.com for more updates
